Credit really isn't the issue. Fractional reserve banking, and compound interest devaluing currency while artificially inflating prices simultaneously. That is why a single income can no longer support a middle class family anymore.
Add in the increased reliance on credit cards by middle class and you get what we have.
The thing is, it is fractional reserve banking that caused the core problems. Allowing banks to create money, and charge interest on non-existent money created an entirely debt based structure.
If not for fractional reserve banking, credit could only be extended, for real cash value, limiting the availability of credit. If the bank only has one thousand dollars, then the bank can only loan one thousand dollars. With fractional reserve the bank can loan ten thousand dollars that did not exist prior to the loan.
Credit money exists so we the people can live beyond our means.
We can start the audit looking in the mirror.
Credit really isn't the issue. Fractional reserve banking, and compound interest devaluing currency while artificially inflating prices simultaneously. That is why a single income can no longer support a middle class family anymore.
Add in the increased reliance on credit cards by middle class and you get what we have.
The thing is, it is fractional reserve banking that caused the core problems. Allowing banks to create money, and charge interest on non-existent money created an entirely debt based structure.
If not for fractional reserve banking, credit could only be extended, for real cash value, limiting the availability of credit. If the bank only has one thousand dollars, then the bank can only loan one thousand dollars. With fractional reserve the bank can loan ten thousand dollars that did not exist prior to the loan.
each day
is now borrowed
precious
And … the pure and virtuous honest voters that did not at all demand eternal “growth” and to live beyond their means…aren’t corrupt?
Why , fey ! How dare one impugn the honest and virtuous masses!
They would have never elected a government to rob their neighbors!
Democracy is shocked, shocked! to discover they’re ruled by thieves!